Industry core view:
Last week, the CSI 300 index rose 0.39%, the Shenwan computer industry rose 1.67%, outperforming the index by 1.28 PCT, ranking 16th in the Shenwan level industry. We believe that the medium and long-term positive trend of the market remains unchanged. We recommend investors to pay attention to high-quality targets with strong performance certainty, and recommend high-profile segments such as industrial Internet, industrial software, information innovation, intelligent driving and network security.
Key investment points:
The original wechat PC client runs successfully on the Godson 5000 platform: after long-term development, the domestic CPU has achieved great improvement in performance, but the development in ecology is relatively slow. The wechat is adapted to loongarch architecture independently designed by godson, filling a key gap for the ecological construction of Godson. With the continuous promotion of industry Xinchuang, the progress of ecological adaptation of domestic CPUs is expected to accelerate, and more commonly used software is expected to be used on the Guoxin platform, so that domestic CPUs and operating systems can truly reach the “easy-to-use” stage.
Waymo announces cooperation with Geely, providing electric vehicles from Krypton to Waymo: previously, the cooperation mode between autopilot and vehicle factory is mostly the installation of autopilot components on existing vehicle architectures, but the existing vehicle control systems are built around drivers and are contrary to driverless logic. This time, waymo cooperated with Geely to customize the software and hardware of automatic driving for the robotaxi scene, which can give full play to the ability of automatic driving technology and is expected to accelerate the landing of high-level automatic driving.
The industry valuation was higher than the historical center, and the industry attention decreased: the average trading volume last Sunday was 55.47 billion yuan, and the trading activity decreased. From the perspective of valuation, PE (TTM) of SW computer industry has been adjusted to 44.76 times, which is 50.87 times lower than the historical average from 2010 to 2021. Last week, the performance of the computer sector was divided: 233 stocks rose, 59 stocks fell and 1 stock was flat. The number of rising stocks accounted for 79.52%.
Investment suggestion: with the new infrastructure as the core, accelerate the process of cloud, intelligence and digitization of enterprises. It is recommended that investors pay attention to high-quality targets with strong performance certainty under the high-profile plate. From the market and valuation of 2021q1-q3, the valuation of the computer industry has rebounded at the bottom. From the configuration of fund positions in 2021q3, the configuration of the computer industry is still low. From the performance of 2021q1-q3, artificial intelligence, information innovation, construction informatization, cloud computing and other fields perform well. It is recommended to focus on the changes of company orders and capital expenditure in relevant fields. We mainly recommend the fields of industrial Internet, industrial software, information innovation, intelligent driving and network security.
Risk factors: global geopolitical risk, technology promotion not up to expectations, industry it capital expenditure lower than expected
